REYL Intesa Sanpaolo has announced the merger between the banks REYL Intesa Sanpaolo and Intesa Sanpaolo Private Bank (Suisse) Morval.

The merger has been approved by FINMA, the Swiss Financial Market Supervisory Authority. It is also part of the strategic alliance with Fideuram – Intesa Sanpaolo Private Banking, the majority owner of REYL Intesa Sanpaolo with a stake of 67%.

Last year, Nicolas Duchene, deputy chief executive officer an partner of Intesa Sanpaolo, was appointed interim CEO is ISPBM to ensure the success of the operational transition and the integration of teams.

François Reyl, chief executive and partner of REYL Intesa Sanpaolo, says: “This partnership will allow us to achieve our significant growth potential while preserving our 360° business model and our strong corporate culture. We look forward to forging lasting relationships with our new colleagues and tackling future challenges by working as part of a now fully-integrated team.”

Duchêne added: “In addition to the numerous synergy opportunities, this merger allows us to pursue our commercial ambitions in the Ticino region, where we intend to maintain and build our Lugano presence, allowing us to offer a sales force tailored to servicing local and Italian clients as well as those of third-party managers in this promising market.”

Following the deal, the firm now employs more than 400 people and holds assets under administration exceeding CHF25bn. This figure excludes the assets managed by 1875 Finance, in which REYL Intesa Sanpaolo has recently acquired a 40% stake.

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In November 2021, Intesa Sanpaolo was said to be eyeing additional acquisitions in the Swiss private banking space, while halting its expansion in other European countries.

The bank may takeover small private banks in Switzerland, Intesa Sanpaolo CEO Carlo Messina told Bloomberg TV in an interview.

The news comes as Intesa prepared to unveil a new business plan in February 2022 following the takeover of mid-tier peer UBI last year.